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Investors who bought BTC near the top have recently stepped up selling, according to a Glassnode analysis. Glassnode said holders who bought one to two years ago at $97,000 and six to 12 months ago at $89,000 are now in loss-making positions, adding that daily BTC sales by buyers from the 2025 rally have reached their highest level of the year while investors who bought during the downturn have not moved into large-scale selling.